We are financing our debt at about 1.5%, the cheapest rate we financed our debt since the Great depression. For every 1% increase in the financing costs of our federal government, that's another $160 billion. So If we go back to where we have been financing our debt for the last 20 years at 5.5%, you are going to take the interest payments, just the interest payments on our debt over a trillion dollars. It will overwhelm every single thing in our budget. It will crush everything out. And then you load on the entitlements and the facts. We haven't done accrual accounting. (50:12–50:27)
CLAIM
Asserts that financing debt at 5.5% would increase interest payments to over $1 trillion.
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